STORY OF THE WEEK
Industrial markets in SEE stand on the verge of a major boom

Story of the week

25
Feb
2021

Industrial markets in SEE stand on the verge of a major boom

by Ákos Budai
The industrial segment has stood out as the most resilient sector to the crisis and the markets Serbia, Croatia, Slovenia and Bulgaria present a huge opportunity for further growth. Boško Tomašević MRICS, Managing Director SEE at CBRE talked to Property Forum about investment market expectations and shared the company’s expansion plans for the Balkans region.
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Hotel

25
Feb
2021

W Budapest Hotel planned to be unveiled in 2022

by Property Forum
Hungarian integrated architecture and building services provider DVM group started the construction works of Drechsler Palace in January 2021 at 25 Andrássy Avenue, Budapest. The monument building, previously home to the Pension Fund of the Hungarian State Railways and the Hungarian State Ballet Institute, is owned by QPR Properties who is transforming the building into the first W Hotel in Hungary, W Budapest.
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Are sustainability certificates for hotels on the rise? Poland is the primary target for hotel operators in CEE/SEE Banks continue to finance hotels but are more cautious

Report

25
Feb
2021

CTP continues purchases 460 hectares of forest near Zlín

by Property Forum
CTP has purchased 460 hectares of forest in Eastern Czechia, raising the total forest the company owns to 560 hectares. The purchase is part of CTP’s strategy to own one sqm of forests for every one sqm of buildings it has, and with this ownership, to restore and protect the forests’ native biodiversity. This purchase brings CTP to the 89% benchmark of this goal.
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Real estate players in Romania look for shorter contractual periods RICS survey predicts sharp pull-back in retail and office rents Proptechs are invited to speak at the Burning Man for Real Estate once again

Office

25
Feb
2021

Demand for co-working offices in Bucharest is increasing

by Property Forum
The Commons co-working space chain announces an increase in requests for office rentals in the centres in Bucharest, both from freelancers and small and medium-sized companies.
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Generation Park Y in Warsaw gets an occupancy permit Colliers to manage second stage of Face2Face in Katowice Warsaw office project becomes EU’s tallest building

Industrial

25
Feb
2021

Savills: warehouses as the biggest winner of the pandemic

by Property Forum
A quarter of all modern warehouse and industrial space in Poland was transacted in 2020, says real estate advisory firm Savills in its latest report. Despite the pandemic, take-up hit record levels last year, reaching more than 5 million sqm, while Poland’s total logistics stock surpassed the 20 million sqm mark.
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Accolade fund’s portfolio value reaches €700 million Panattoni to build 8th city logistics park in Warsaw InPost will launch a warehouse in Prologis Park Chorzów

Residential

25
Feb
2021

New residential construction in Hungary hits 11-year high

by Property Forum
In 2020, 28,208 new dwellings were built in Hungary, 34% more than a year earlier, the Central Statistical Office (KSH) said. The annual figure is an 11-year high. Meanwhile, based on issued dwelling construction permits and simple declarations, the number of homes to be built decreased by 36% compared to 2019 to 22,556.
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Horizon completes sales process of Prague project Value One and Nuveen Real Estate to enter Polish PBSA market Prima Development plans 3 new resi projects in Bucharest

Retail

25
Feb
2021

Ikea opens first store in Slovenia

by Property Forum
Swedish furniture group Ikea is set to open its first store in Slovenia in Ljubljana today. To ensure a safe shopping experience and avert long queues in front of the store, Ikea has mandated advanced bookings for in-person shopping in the first weeks following the opening. The number of visitors is capped at 700 with Ikea estimating that they will spend roughly two hours on average browsing around the store.
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Tirana’s brutalist landmark to undergo major renovation Pop-up stores grow in popularity CEE countries record the largest increases in online shopping

Career

24
Feb
2021

TCC enters Europe’s logistics market and recruits Ian Worboys

by Property Forum
Trammell Crow Company (TCC), one of the largest real estate development companies in the U.S., announced the launch of logistics development capabilities in Europe.
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CBRE Romania recruits new Head of Investment Properties Skanska announces leadership changes in CEE CTP recruits Gijs Klomp from CBRE Romania

Investment

24
Feb
2021

GalCap secures €66.5 million from pbb for Warsaw and Budapest assets

by Property Forum
pbb Deutsche Pfandbriefbank has provided an investment loan facility totalling €66.5 million for an office portfolio managed by GalCap Europe on behalf of an institutional client. The fund will utilise the proceeds for the refinancing of a mixed-use portfolio with assets in Budapest and Warsaw. pbb acted as arranger and sole lender under the facility.
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Marera acquires modernist office building in Belgrade Cornerstone Partners and Crestyl buy Budimex Nieruchomości Sustainability matters in property valuation

Interview

24
Feb
2021

City-forming, mixed-use investments are the future

by Michał Poręcki
Upon completing the acquisition of a 66% stake in Wrocław-based developer Archicom, Echo Investment is set to become the largest residential developer in Poland. Nicklas Lindberg, CEO of Echo Investment talked to Property Forum about the recent acquisition, dealing with the effects of the pandemic and Echo’s plans for the nearest months.
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Hagag stays open to new market opportunities Occupier expectations are growing faster than ever before COVID-19 pushes investors further towards logistics and resi

Economy

17
Feb
2021

Romania records Europe’s strongest GDP growth in Q4 2020

by Property Forum
In the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.6% in the euro area and by 0.4% in the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. These declines follow a strong rebound in the third quarter of 2020 (+12.4% in the euro area and +11.5% in the EU) and the sharpest decreases since the time series started in 1995 observed in the second quarter of 2020 (-11.7% in the euro area and -11.4% in the EU). According to the first estimation of annual growth for 2020, based on seasonally and calendar adjusted quarterly data, GDP fell by 6.8% in the euro area and 6.4% in the EU.
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Polish construction industry likely to recover in H2 2021 CEE economies to grow robustly in 2021 and beyond CEE manufacturing PMIs show stalled recovery at the end of Q3 2020

New leases

  • Cushman & Wakefield Echinox moves its headquarters to the office building developed by businessman and former tennis player Ion Tiriac near Piata Victoriei in Bucharest. The company rented here a space between 300 and 500 sqm.
  • CBRE Romania will move from this summer to a new headquarters. The company rented almost one floor of One Tower, which has 1,400 sqm.
  • Furniture retailer Mobexpert leased 2,000 sqm of warehouses and offices in Constanța Business Park, developed by Global Vision and Globalworth. Following recent transactions, Constanța Business Park has reached an occupancy rate of 70%.

New appointments

  • JLL Romania consolidates its industrial team by recruiting Ciprian Sîrbu in order to provide Supply Chain services on the local market. Ciprian Sîrbu has over 10 years of experience in logistics, e-commerce, and industrial supply chain, completed by 7 years in which he worked in the IT field. His role within JLL is to provide advice to customers in streamlining the supply chain like the need for such services increases.
  • Simona Costache has joined Romanian developer One United Properties as Executive Director, Residential Sales. With 15 years of experience in real estate, Simona has been involved in sales, rental and facility management for residential developers in Bucharest.
  • Penta Investments has appointed three new Partners. Fabrice Dumontheil, Václav Jirků and Marián Slivovič have become co-owners and leaders of Penta. Fabrice Dumontheil has been with Penta since 2012. He is the CFO of the entire group, responsible for the strategic financial management of Penta group as well as for group IT strategy. Václav Jirků will be responsible for managing the healthcare investment portfolio as well as the international network of Dr.Max pharmacies. Marián Slivovič will primarily cover Penta's investments in banking and Slovalco, as well as in media projects in Slovakia and Czech Republic.

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